Eurozone Economic Governance

Deepening the EU’s economic governance with transparency and democratic accountability in mind

Start date
October 2016

What is the problem?

The euro crisis forced a series of hurried reforms and created ad-hoc institutions. There is a blurred division of competences between Member States which results in budget rules that are too complicated even for hardened experts. This muddies the decision-making process and confuses where the accountability for decisions lies.

The euro crisis is far from over. A lack of transparency leads to questions about democratic legitimacy. The institutions which make decisions that affect our pockets must be made accountable through greater transparency.

What are we doing?

Transparency International EU will publish of a series of studies looking at the transparency of the institutions which govern the Euro. The studies will look at the institutions’ independence, how proactively they publish information as well as access to document policies, integrity mechanisms (such as whistleblower protections, codes of conduct for staff, revolving door policies), and include in-depth case studies of recent decision-making procedures. We will organise report launch events and roundtable discussions with fellow civil society organisations and other actors to narrow down the conclusions of the studies into concrete recommendations.

The project also aims to bring together an informal network of civil society, academia and think tanks working on the reform of the EU’s economic governance. If you are interested in these topics, please do not hesitate to get in touch with our project coordinator.

Recent News


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Two sides of the same coin? Independence and accountability of the European Central Bank

Transparency International EU’s in-depth study looks into the ECB’s balance between its expanded mandate, its unrivaled independence, and its accountability. It analyses the transparency provisions, which may compensate a lack of democratic control, and the ECB’s integrity framework, making far-reaching recommendations.

From crisis to stability: How to make the ESM transparent and accountable

Transparency International EU’s in-depth study is the first analysis of the governance and accountability at the ESM, the newest European economic governance institution, and makes a number of concrete recommendations. To make the ESM accountable, more transparency is in order, about where decisions are taken and who calls the shots.

Investing in Integrity? Transparency and democratic accountability of the European Investment Bank

This report looks into the independence, transparency, integrity and accountability of the EIB, looking at both the legal provisions and their practical application. It also makes a number of recommendations to improve the EIB’s governance.

Eurozone manifesto

At Transparency International EU, we have developed three basic principles for more transparency and democracy in the Eurozone. Read them here:




Want to know more? Get in touch

Leo Hoffmann-Axthelm

Research & Advocacy Coordinator – Eurozone